Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
EVM Compatible blockchain platform ThuderCore want to leverage the secure and seamless oracle services offered by Chainlink to enhance the performance of DApps used by businesses.
Just a day after on June 14, ThunderCore seized the opportunity to announce its partnership with Chainlink. ThuderCore is an EVM compatible blockchain platform. The platform basically focuses on “supporting developers by creating an ecosystem that enables them to turn their DApps into full-fledged businesses”.
The Chainlink oracles basically act as a gateway between off-chain cloud services and on-chain smart contracts. In the official blog post, ThunderCore’s Peter Abilla writes:
“ThunderCore needs a high quality, reliable oracle service in order for smart contracts deployed on our chain to access necessary off-chain information to trigger certain transactions”.
Transforming Businesses Using Oracles
One of the major roadblocks for businesses to adopt blockchain is currently the lack of interoperability and integration. Note that a majority of businesses have their data stored on the cloud network for easy access and visibility. Although businesses want to leverage the smart contract feature of blockchain and automate their workflows, they still need some input data for the execution of the logic.
Now for a new blockchain network, not all the data is available on-chain. Moreover, sometimes, the smart contracts need to fetch data and inputs from outside the chain like cloud platform. Additionally, the thing about blockchain is that the transactions are immutable and non-reversible. Thus, there needs to be a trustless way while fetching data from outside sources.
This is where Chainlink acts as a middleware offering its oracles services while connecting blockchain and other platforms. The blog post notes:
“We’re excited for this collaboration with Chainlink; having this highly reliable middleware service will be valuable to developers that build on ThunderCore: builders will now have a service that will enable all sorts of new use cases and games”.
The Growing Demand for Chainlink
Chainlink is basically a decentralized oracle network connecting smart contracts with off-chain data-feeds. Leading independent research firms as Gartner has also praised chainlink for their services. The platform is slowly making a name for itself by providing highly reliable and secure oracles.
The recent collaboration with giants like Google itself is a testimony by the progress made by Chainlink, so far. The shoutout by Google has given a huge boost to Chainlink with other players starting to recognize its potential.
Soon after the Google announcement, Chainlink native LINK token price jumped over 70% to hit its all-time high of $1.94. At the press time, each LINK token is trading at $1.71 with a market cap of $598 million.